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How would Portugal have fared in the past decade under the debt rule?

Capone-Parisi, Elisa, (2012), ‘How would Portugal have fared in the past decade under the debt rule?’, www.economonitor.com, 29 Οκτωβρίου. Portugal was the second country (after Greece) to ratify the fiscal compact treaty (together with the ESM). The fiscal compact will be implemented under the auspices of the European Court of Justice which will monitor the national rule’s compliance with the treaty.  

How to avoid a double-dip recession in the eurozone

De Grauwe, Paul, (2012), ‘How to avoid a double-dip recession in the eurozone’, www.ceps.be, 17 Νοεμβρίου. This CEPS Commentary argues that the way in which the burden of adjustment to the imbalances in the eurozone is borne almost exclusively by the deficit countries in the periphery produces a deflationary bias in the region as a whole. Against the threat of double-dip recession, Paul De Grauwe asserts that the adjustment could …Read More

The Policy Mix and Macroeconomic Adjustment in the Euro Area

Mortensen, Jorgen, Alcidi Cinzia, (2012), ‘The Policy Mix and Macroeconomic Adjustment in the Euro Area’, www.ceps.be, 16 Οκτωβρίου. Αccording to the most recent IMF World Economic Outlook (WEO),1 the recovery has suffered new setbacks and uncertainty weighs heavily on the future. The IMF forecast, unveiled in Tokyo ahead of the IMF-World Bank 2012 Annual Meetings last week, sees only a gradual strengthening of activity from the relatively disappointing pace of …Read More

The European Central Bank’s New Bond-Buying Program: Implications for Italy

Lombardi, Domenico, (2012), ‘The European Central Bank’s New Bond-Buying Program: Implications for Italy’, www.brookings.edu, 11 Σεπτεμβρίου. Τoday’s meeting between Greek Prime Minister Antonis Samaras and European Central Bank President Mario Draghi is a further sign of the increasingly important role of the Eurotower in dealing with the crisis in Europe.  

Intra-euro rebalancing is inevitable but insufficient

Darvas, Zsolt, (2012), ‘Intra-euro rebalancing is inevitable but insufficient’, www.bruegel.org, 5 Σεπτεμβρίου. Greece, Portugal and Spain face a serious risk of external solvency due to their close to minus 100 percent of GDP net negative international investment positions, which are largely composed of debt. The perceived inability of these countries to rebalance their external positions is a major root of the euro crisis.  

External Imbalances in the Euro Area

IMF (2012), ‘External Imbalances in the Euro Area’, European and Western Hemisphere Departments, IMF Working Papers, N. 12/36. The paper examines the extent to which current account imbalances of euro area countries are related to intra-euro area factors and to external trade shocks. We argue that the traditional explanations for the rising imbalances are correct, but are incomplete. We uncover a large impact of declines in export competitiveness and asymmetric …Read More

The EMU Crisis is a Battle of Nationalism Versus Transnationalism, not Economic Prescriptions

Menenberg, Aaron, (2012), ‘The EMU Crisis is a Battle of Nationalism Versus Transnationalism, not Economic Prescriptions’, www.economonitor.com, 30 Αυγούστου. The debate over how to save the euro and the economy of its union has taken shape around economic prescriptions. On the surface this makes sense; after all, the euro is the currency for seventeen national economies.    

Why a breakup of the Euro Area Must be Avoided: Lessons from Previous Breakups

Aslund Anders, (2012), ‘Why a breakup of the Euro Area Must be Avoided: Lessons from Previous Breakups’, www.iie.com, 22 Αυγούστου. One of the big questions of our time is whether the Economic and Monetary Union (EMU) will survive. Too often, analysts discuss a possible departure of one or several countries from the euro area as little more than a devaluation, but Åslund argues that any country’s exit from the euro …Read More